MIRA INFORM REPORT

 

 

Report Date :           

08.11.2011

 

IDENTIFICATION DETAILS

 

Name :

TANNERY AHMED EL SHAFEI SONS CO

 

 

Registered Office :

Dr Abbass Street, Ard El Madabegh, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1968

 

 

Com. Reg. No.:

68812

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Operation of a tannery as well as the export of leather products

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 150,000

Status :

Satisfactory

Payment Behaviour :

Usually Correct 

Litigation :

Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : TANNERY AHMED EL SHAFEI SONS CO

Country of Origin                                    : Egypt

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 1968

Commercial Registration Number            : 68812

Industrial Registration Number                 : 2389

Tax Card Number                                   : 329-575-600

Issued Capital                                        : £E 50,000

Paid up Capital                                      : £E 50,000

Total Workforce                                     : 45

Activities                                               : Operation of a tannery as well as the export of leather products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

 

COMPANY NAME

 

TANNERY AHMED EL SHAFEI SONS CO

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Dr Abbass Street

Area                 : Ard El Madabegh

Town                 : Alexandria

Country             : Egypt

Telephone         : (20-3) 4413401

Facsimile          : (20-3) 4448113

 

Premises

Subject operates from a medium sized suite of offices and a tannery that are owned and located in the Suburban Business Area of Alexandria.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Mohamed El Shafei                                                                           Managing Partner

 

·       Ossama El Shafei                                                                             Partner

 

·       Naglaa Arafa                                                                         Import Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1968

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 68812

 

Industrial Reg. No.       : 2389

 

Tax Card No.               : 329-575-600

 

Issued Capital              : £E 50,000

 

Paid up Capital            : £E 50,000

Name of Shareholder (s)                                                     Percentage

 

·       Mohamed El Shafei                                                               35%

 

·       Ossama El Shafei                                                                 35%

 

·       Members of the El Shafei family                                             30%

 

 

OPERATIONS

 

Activities: Engaged in the operation of a tannery as well as the export of leather products.

 

Import Countries: Spain, India, South Korea, Turkey, China, Uruguay and Germany

 

Export Countries: Spain, India, Italy, China, Germany, Sudan, Lebanon and Libya

 

Operating Trend: Steady

 

Subject has a workforce of 45 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                £E 5,319,957                             £E 7,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Arab International Bank

35 Abd El Khalek Sarwat Street

Cairo

Tel: (20-2) 33916391

Fax: (20-2) 33916233

 

·       Arab Banking Corporation

PO Box: 781

Cairo

Tel: (20-2) 25745488 / 25780417

Fax: (20-2) 25780416

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.08

UK Pound

1

Rs.78.65

Euro

1

Rs.67.79

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.